May 16 (UPI) -- Charter Communications, one of the largest telecommunications companies in the United States, announced a merger Friday with privately held Cox Communications in a multi-billion-dollar deal.

Once the merger is completed, the new entity will retain the name of Atlanta-based Cox, a subsidiary of parent company Cox Enterprises, a private firm founded in 1898 that also has dealings in the automotive industry. Cox acquired its first cable franchise in 1962.

The deal gives Cox Communications a value of approximately $34.5 billion.

Charter Communications' stock climbed sharply on the Nasdaq Composite at market open Friday before retreating somewhat. The company's shares were up $7.03 or 1.68% at 10:42 a.m. EDT.

Related

Novo Nordisk CEO will step down amid falling share p

See Full Page